Now your cheque will be cleared in a few hours
At present, it takes two days from the time a cheque is deposited till the amount is received. But in the new system, the cheque will be cleared within a few hours of depositing it.
The settlement (clearing) of the cheque will now be done in a few hours. The Reserve Bank of India (RBI) has announced steps to reduce the time taken in cheque clearing to a few hours and to reduce the risk associated with it. Currently, it takes two days from the time a cheque is deposited to the time the amount arrives. But in the new system, the cheque will be 'cleared' within a few hours of depositing it.
Announcing the third monetary policy review of the current financial year on Thursday, RBI Governor Shaktikanta Das said, "It is proposed to change the current process of the Check Truncation System (CTS) with the aim of improving cheque clearing, reducing settlement risk and providing better services to the customers."
He said that under this, instead of processing in 'batch' under the current CTS system, clearing will be arranged on a continuous basis during business hours. According to the RBI, "In the new system, the cheque will be 'scanned', presented and cleared within a few hours. This will make the cheque clearing in a few hours, whereas currently it takes up to two days (T+1). Das said that detailed guidelines in this regard will be issued soon.
Apart from this, RBI has proposed that the report given by banks to the 'credit' information companies about their customers should be given every fortnight. Currently this report is given once a month.
Tax payment limit increased by 400%
UPI Transaction Limit Increase
42.4 crore people of the country use UPI, so the delegate system can prove to be a game changer, because even those people will be able to use UPI, who do not have bank accounts yet. However, guidelines are yet to come on how this will work.
RBI did not make any change in repo rate
The Reserve Bank has not made any change in the interest rates for the 9th consecutive time in its monetary policy released on Thursday.
Reserve Bank Governor Shaktikanta Das has maintained the repo rate at 6.5%. Reserve Bank Governor Shaktikanta Das said that in the monetary policy meeting held on 6, 7 and 8 August, 4 out of 6 members of the committee have agreed to not make any change in the policy rate. 4 out of 6 members of MPC have given their decision in favor of maintaining their stance of withdrawal of accommodation.
RBI Monetary Policy Highlights GDP Growth:
In the RBI monetary policy meeting, 4 out of 6 members of the committee have agreed to not make any change in the policy rate. The Reserve Bank has not changed the interest rates for the 9th consecutive time and RBI Governor Shaktikanta Das has maintained the repo rate at 6.5%. Let us tell you what is the estimate regarding the GDP growth rate.
Decisions were also taken
The RBI Governor has also told that by August 2, 2024, India's foreign exchange reserves had reached $ 675 billion and FDI is at a record high. Not only this, he has also said that many banks are moving towards cutting interest rates, while some are in the mood to cut interest rates. There is positive growth for global growth in the coming future, but challenges remain. He also said that many factors are also posing challenges with artificial intelligence. Improvement in global trade prospects is expected to help external demand. However, prolonged geopolitical tensions, instability in international financial markets and geo-economic fragmentation could pose downside risks. Apart from this, it has also been informed that rural consumption has improved due to improvement in agricultural activities, and he also said that urban consumption is also increasing.
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